Stephen Colbert to replace David Letterman in The Late Show

That is right! No more David Letterman in CBS 'The Late Show' as Stephen Colbert is going to be the new host, the broadcast network announced.

David Letterman successor Stephen Colbert

The late-night franchise will be under the hosting prowess of the 49-year-old Comedy Central guy.

Colbert is under a 5-year contract with CBS. It was announced on Thursday by the CBS Corp. CEO Les Moonves and CBS Entertainment chairman Nina Tassler.

CBS recognized the hosting legacy of Letterman for the Late Show. The signing of Colbert is CBS' way to value the contribution of the former host in the realm of late night entertainment.

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